Rapidly changing consumer attitudes and behavior. Surging growth in online grocery shopping. Higher expectations for an omnichannel experience. An evolving competitive landscape.
The Next Generation of the 5Ps: Time for CPG Marketers to Update the Fundamentals
The 5Ps of marketing have changed dramatically. Are Traasdahl from Crisp, shares tips on how brands can gain a competitive advantage in the omnichannel marketing space.
Rapidly changing consumer attitudes and behavior. Surging growth in online grocery shopping. Higher expectations for an omnichannel experience. An evolving competitive landscape. No doubt, things have changed radically in the retail business, especially in the past year.
Successful CPG brands and retailers must develop holistic, omnichannel-first strategies that meet consumers where, when, and how they want.
That’s all possible thanks to programmatic commerce: a shopper-centric, data-driven operating model that proactively recognizes, responds, and adapts to an ever-changing consumer in a dynamic omnichannel world. It drives product innovation, assortment optimization, pricing strategies, channel selection, and promotion execution. And it allows us to redefine the classic 5Ps of marketing to gain a competitive edge in this new future.
1. People: A 360-degree view of the consumer
Gartner predicts that for the foreseeable future, changes in consumer behavior will have a greater impact on value in retail than any other factor. To anticipate and meet ever-evolving consumer demand, retailers and brands need to align around a shared understanding of how consumers shop, live, and eat — and use this knowledge to provide value.
